In Australia, to supervise and work as a watch dog for fair financial markets and financial services, there are two regulators established. One regulator is Australian Prudential regulatory authority (called APRA) and another is Australian Securities Investment Commission (called ASIC). These two has different functions. APRA could be regards as prudential regulator; the roles of APRA are supervising banks, credit union, insurance companies, building societies, and most groups of superannuation industries. In addition, APRA they set the standards for solvency and invest and APRA has an authority to issue prudential standards which is the supplement to the legislation. ASIC is licencing regulator. For the role of ASIC, mostly ASIC regulates
